On April 16, Hong Kong-based integrated heavy steel plate producer Shougang Concord International Enterprises Limited, a subsidiary of Chinese steelmaker Shougang Corp., has issued its financial results for 2009, stating that the group saw an extreme low in March-April last year, resulting in severe losses among peers, but subsequently experienced a strong rebound in the economy from concerted global stimuli.
According to the financial results, the net profit of the company was HK$72 million (US$9.2 million) in 2009, decreasing 95 percent compared with 2008's HK$1.42 billion. Sales revenues in 2009 saw a drop of 36 percent year on year, decreasing from HK$17.7 billion to HK$11.4 billion (US$1.7 billion).